Mid-Market: S&P/ASX 200 Trading Lower; Dragged Down By Australias Big Four Banks

On 14 March 2024, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 7.90 points or 0.10%, and is currently trading at 7,721.50 levels. Out of 11 sectors, 6 sectors are trading lower along with the decline in the S&P/ASX 200.

The Materials and Consumer Staples sectors are the top 2 gaining sectors, gaining 1.58% and 0.49% in their index values. On the other hand, Financials and Telecommunication Services sectors are the top 2 declining sectors, declining 1.24% and 0.65% in their index values.

Evolution Mining Limited (ASX: EVN) and Bellevue Gold Limited (ASX: BGL) are the top-gaining stocks, gaining 5.485% and 4.761% in their stock prices. On the other hand, Eagers Automotive Limited (ASX: APE) and Liontown Resources Limited (ASX: LTR) are the top-losing stocks and are declining by 4.683% and 4.302% in their stock prices.

Factors influencing the market-

• The Australian share market is trading lower, as falls in the nation’s big four banks outweigh jumps in iron ore miners, which have bounced off three-month lows touched earlier this week.
• Appen Limited’s shares are dropping today after New Jersey-based Innodata withdrew its $154 million bid, a day after the company was forced to reveal it was the subject of a confidential takeover offer.
• US share markets mostly closed modestly lower overnight, as investors await pending February retail sales data to ascertain whether it will further dent hopes for a pivot to rate cuts.
• The Dow has closed up by 0.10%, the S&P 500 down by 0.19%, and the NASDAQ ended lower by 0.54%.
• Hang Seng is down by 0.07%, and FTSE 100 is up by 0.31%.

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